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Breaking: Delek Group snaps up Chevron North Sea assets

Israel-headquartered firm Delek Group today confirmed it has acquired US firm Chevron’s North Sea assets.

The deal, which will see 10 additional fields added to the firm’s portfolio, was agreed through Delek’s wholly-owned subsidiary Ithaca Energy, headquartered in Aberdeen.

The acquisition was agreed for just over £1.5 billion ($2bn).

As part of the deal, 500 workers (200 offshore) will transfer over from Chevron to Ithaca Energy.

The deal equates to a 150% increase in the proven and probable reserves for Ithaca and a 300% increase in forecast 2019 production.

A table showing the North Sea interests Delek has bought from Chevron.

Les Thomas, Ithaca Energy CEO, said:”The acquisition of CNSL is a significant step forward in the long term development of Ithaca Energy and underlines our belief in the North Sea, particular in the UK Central North Sea where the enlarged business will own a range of interests in a number of key producing assets.

“We are very pleased to be acquiring a high quality portfolio of assets and experienced operational organisation that fits well with our existing business. Like our current portfolio, the production and reserves base is heavily weighted towards operated asset positions, which provides us with the ability to actively prioritise and unlock the full potential of the business.

“We are excited about establishing an enlarged organisation with a dynamic and innovative culture based on a continued commitment to safe and efficient operations. We look forward to working with our new colleagues to develop and grow the business and continue engaging with our contractors and the broader supply chain to deliver a successful future.”

Asi Bartfeld, Delek Group CEO, added: “The acquisition is a key part of the Delek Group’s strategic focus on building a world class E&P business.

“Acquiring CNSL accelerates implementation of that strategy and further strengthens the group’s oil and gas business.

“We see exciting growth opportunities in the North Sea and are looking forward to working with Ithaca to deliver upon our value and growth targets.”

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